New business GHG protocol to cut emissions
A new user-friendly international greenhouse gas emissions standard for businesses is the first of its kind, and will aid the development of effective strategies for companies to cut emissions.
The new Greenhouse Gas Protocol Initiative (GHG Protocol) has been launched by the World Resources Institute (WRI) and the World Business Council for Sustainable Development (WBCSD), and was developed over three years with the aid of over 350 individuals from companies such as IBM, Ford and DuPont, non-profit organisations and governments.
The protocol addresses carbon dioxide, methane, nitrous oxide, hydrofluorocarbons, perfluorocarbons, and sulphur hexaflouride, all of which have been identified as key contributors to global warming by climate treaty negotiators. The guide provides information on issues such as greenhouse gas accounting, setting up a historic performance datum, managing inventory quality, reporting greenhouse gas emissions, and verification of emissions.
“Unlike for financial accounting and reporting, there are no generally accepted international accounting and reporting practices for corporate emissions of greenhouse gases,” said Director of WBCSD’s Climate and Energy Programme. “[The] GHG protocol will enable businesses to account and report information from global operations in a way that is consistent with financial reporting standards.”
“In the future, greenhouse gases will need to be accounted for on a company’s balance sheet in the same way as other assets and liabilities,” said WRI President Jonathan Lash. “WRI and WBCSD have created an invaluable tool for business and others with the GHG protocol.”